Small Business Finances
Whether you have employees or you’re a 🤗one-person shop, all small business owners need to focus on the finances.💰Only 40% of small businesses are profitable. 💵 30% of small businesses break even year to year. 📈
🛑That leaves 30% of small businesses that are losing money annually. 🛑
💸86.3% of small business owners take an annual salary of < $100,000.
💸30.1% don’t pay themselves AT ALL.
💸Of those who do take a salary, most of them range between $20K and $50K.
Who Do Small Businesses Employ?
The nearly 30 million small businesses in the US employ 47.8 percent of US workers. ✅
A business is just a hobby if you’re not making money. ⚡️If you’re not making money, you can’t scale your impact! ⚡️
At all times, we need to gauge the age of the industry that we’re in! 👩💻If we’re in an older industry that’s set in its ways, you may need to have two businesses at the same time - the one you’re in now, and the one that’s going to put the old industry out of business. 🕒You want to position yourself to be the one that puts yourself out of business.
I have a client with 4 physical retail locations. He knows that online retail is coming up on brick-and-mortar stores, so he’s begun an online business to supplement his retail locations.
If you implement the right systems and strategies:
💸In the first year, you should be able to get your first $100,000 in revenue.
💸1-3 years - $1,000,000 in revenue
You can achieve the financial freedom you desire and deserve with your business. With commitment and confidence, you can be in the successful percentage! 🙌
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